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"It's Going To Be A Long Summer" One Trader Warns No One, Not Even The Fed, Believe Their Own Forecasts

It was fun while it lasted. For a few brief months, The Fed appeared to 'hawkish, no matter what' as data-dependent morphed into data-ignorant. Markets relished the confidence-inpiring message from the ivory tower academics... but, as former FX trader Rich Breslow notes, none of that occurred in reality and now, "no one really believes even their own forecasts," adding that, as markets wake up to this reality, "it's going to be a long summer."

Watch Live: Yellen Testimony Day 2, And Three Questions She Should Answer

It's time for day two of Yellen's semi-annual testimony with the Fed Chair today appearing before the Senate Banking Committee. While the prepared remarks are identical, in her speech on Wednesday, Yellen said the U.S. economy should continue to expand over next few years and stressed a gradual approach to tightening as central bank monitors inflation. The attention will be on the Q&A.

Our Financial Buffers Are Thinning

If we survey the financial landscape for fully intact buffers, we find none. Every buffer has been thinned by the past eight years of extreme monetary and fiscal policies and financial leverage, that is, debt piles ever higher on an unchanged foundation of collateral.

In Bizarre Confrontation, Israel Calls George Soros A "Threat To Democratic Governments"

In a bizarre diplomatic development, none other than the state of Israel has branded billionaire philanthropist George Soros, one of Hillary Clinton's most generous donors, a "threat", accusing him of "continuously undermining Israel's democratically elected governments" and saying that Soros-funded organizations "defame the Jewish state and seek to deny it the right to defend itself".

Why Wages Are So Weak - A Thought Experiment

"...we are getting paid less for our job-specific knowledge because technology is making it easier to replace us without major loss of productivity with less skilled workers... The implications for markets are significant..."